Shenandoah Telecommunications (NASDAQ:SHEN) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its holdings in Shenandoah Telecommunications (NASDAQ:SHEN) by 12.6% during the third quarter, Holdings Channel reports. The institutional investor owned 216,265 shares of the utilities provider’s stock after selling 31,134 shares during the period. Principal Financial Group Inc.’s holdings in Shenandoah Telecommunications were worth $3,051,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SHEN. nVerses Capital LLC purchased a new position in shares of Shenandoah Telecommunications during the 3rd quarter worth about $37,000. Quantbot Technologies LP raised its stake in Shenandoah Telecommunications by 570.2% during the third quarter. Quantbot Technologies LP now owns 7,339 shares of the utilities provider’s stock worth $104,000 after purchasing an additional 6,244 shares during the period. Quest Partners LLC boosted its holdings in shares of Shenandoah Telecommunications by 741.0% in the 3rd quarter. Quest Partners LLC now owns 7,636 shares of the utilities provider’s stock valued at $108,000 after purchasing an additional 6,728 shares during the last quarter. Magnetar Financial LLC purchased a new stake in shares of Shenandoah Telecommunications during the 2nd quarter valued at $257,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Shenandoah Telecommunications during the 3rd quarter worth $271,000. Hedge funds and other institutional investors own 61.96% of the company’s stock.

Shenandoah Telecommunications Stock Up 1.0 %

Shares of NASDAQ:SHEN opened at $12.46 on Friday. Shenandoah Telecommunications has a 1 year low of $11.87 and a 1 year high of $22.27. The stock has a 50-day simple moving average of $13.29 and a 200-day simple moving average of $14.98. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market capitalization of $680.34 million, a P/E ratio of 3.20 and a beta of 0.63.

Shenandoah Telecommunications Increases Dividend

The firm also recently disclosed an annual dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th were given a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a dividend yield of 0.66%. This is a positive change from Shenandoah Telecommunications’s previous annual dividend of $0.09. Shenandoah Telecommunications’s dividend payout ratio is presently 2.57%.

Analysts Set New Price Targets

Separately, BWS Financial reiterated a “buy” rating and issued a $26.00 target price on shares of Shenandoah Telecommunications in a report on Wednesday, November 13th.

Shenandoah Telecommunications Profile

Shenandoah Telecommunications Company, together with its subsidiaries, provides a range of broadband communication services and cell tower colocation space in the Mid-Atlantic portion of the United States. It operates in two segments, Broadband and Tower. The company Broadband segment offers broadband, video, and voice services to residential and commercial customers in Virginia, West Virginia, Maryland, Pennsylvania, and Kentucky through hybrid fiber coaxial cable under the Shentel brand; and fiber optic services under the Glo Fiber brand name.